The _____ is the first major trade agreement of the twentieth century to establish rules and guidelines for global commerce.
A)NAFTA (North American Free Trade Agreement)
B)GATT (General Agreement on Tariffs and Trade)
C)FTAA (Free Trade Area of the Americas)
D)APEC (Asia Pacific Economic Cooperation)

Question

Quizplus · Accepted Answer

The General Agreement on Tariffs and Trade (GATT) was established in 1947 and is considered the first major trade agreement of the twentieth century. It aimed to reduce trade barriers and establish rules for global commerce. GATT eventually evolved into the World Trade Organization (WTO) in 1995. NAFTA, FTAA, and APEC are all trade agreements that were established after GATT/WTO.

The _____ Is the First Major Trade Agreement of the Twentieth